News
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Egypt's central bank cuts rates by 150 bps after inflation slows
The overnight lending rate was cut by 150 basis points to 15.25%, the bank said in a statement after a meeting of its monetary policy committee (MPC).
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Egypt prepares for second wave of IPOs
CBE has announced that Banque du Caire will offer a stake of its shares, ranging between 30 and 40 percent.
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Cabinet vows to empty Cairo from government buildings by 2020
Madbouli asserted that there is a mandate from President Al-Sisi to develop Cairo through moving state administrative headquarters to the New Capital.
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Egypt sells 610mn euros in euro-denominated t-bills
The bank sold 695.10 million euros in a similar auction in November with an average yield of 1.75pc.
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Egypt introducing amendments to mineral wealth law
Egypt has 13 under-construction investment zones which are expected to create 208,000 new job opportunities and attract nearly EGP 78 billion.
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Egypt is slowly undergoing a digital transformation
The Ministry of Finance in Egypt says the country is well on its way.
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Egypt's Sisi orders launching portal of industrial investment map
Radi said El-Sisi urged paying more attention to developing micro, small and medium enterprises to provide more jobs and boost economic networks.
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DFSA signs an MoU with the Central Bank of Egypt
The collaboration includes, but is not limited to combatting financial crime and conducting consolidated supervision of common firms.
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Egypt to introduce ‘tourism ethics’ in primary education curricula
This is to raise awareness among students of tourism’s importance and the preservation of Egypt’s tourist and heritage areas.
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Egypt’s Suez Canal annual revenue rises to $5.9bn
Annual revenue from Egypt’s Suez Canal rose by $300 million to $5.9 billion.
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Egypt adopting strategy to restore cotton industry to top of global market
Tawfik said that the new strategy involves implementing a new system for cotton trading which will be put in place on a trial basis.
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Manufacturing of Sony's Bravia TV commences in Egypt
Sony Middle East and Africa and its business partner, El Araby Group of Companies and Factories, announced manufacturing BRAVIA TV in Egypt.
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Egypt prepares to issue law merging informal economy with legal system
The proportion of workers in the informal economy represents 50 percent and that this type of economy records 40 percent of GDP.
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Egypt’s GASC seeks wheat for Sept. 5-15 shipment
In its most recent international wheat tender on July 23, GASC bought 300,000 tonnes of Romanian, Ukrainian and Russian wheat.
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Egypt's Sisi okays amendments to investment law
The amendments allow expansions of existing investment projects to benefit from incentives provided to new ones.
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Egypt needs budget of $1 trillion to improve conditions
Egyptian President Abdel-Fattah al-Sisi said that the country needs a budget of at least $1 trillion to improve its conditions and resolve problems.
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CBE reveals Egypt’s economy external position
Foreign debt reached 35.1% of GDP at end December 2018, compared to 61.4% of GDP in European coutnries, EMs, and 41.9% in Commonwealth countries.
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Egypt, India trade exchange hits $ 1.4 bln during Q1 2019
Egypt's exports to India recorded a notable increase of 10 percent during the first four months of 2019.
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Egypt's SCZone achieves record revenues
In a statement by the SCZone on Saturday, Mamish pointed out that total revenues achieved by the zone in fiscal year 2018-2019 reached around EGP 3.69
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IMF approves $2 billion in funds to boost Egypt’s economy
Loan is the final instalment is of a $12bn programme agreed with the IMF in 2016.